October 30 (SeeNews) - Croatian food, beverage and drug producer Podravka [ZSE:PODR] has said its consolidated net profit more than tripled to 185.9 million kuna ($28.5 million/25 million euro) in the first nine months of 2018 from 54.1 million kuna in the like period of last year.
The sales revenue of the company rose 3.2% on the year to 3.078 billion kuna on the back of robust growth in the food segment, which was boosted by strong sales-marketing activities, the innovation of the product portfolio and the expansion of the distribution of individual categories, Podravka said in a filing with the Zagreb Stock Exchange on Monday.
The food segment achieved 2.439 billion kuna in sales revenue, up 2.8% on the year, while Podravka's other business segment, pharmaceuticals, saw a 4.7% growth in revenue to 639.3 million kuna.
The highest relative rate of revenue increase of 9% was recorded in the area of Eastern Europe, followed by 7.2% in Central Europe and 2.3% in the Adria region, Podravka said.
The share price of Podravka rose by 29.3% in the first nine months of 2018.
(1 euro = 7.43053 kuna)